January, 2014 Housing Market For Portland, Oregon.
Low Inventory of Residential Single Family Homes Pushing Portland Housing Higher, Realtor’s Data Shows
RMLS Residential Property Data released in January 2014 show sustained low inventory throughout 2013. Realtors in Portland, OR note that buyers seem anxious to put a deal together out of fear that market pressure will price them out of the market and as experience has shown, those buyers may be right. Increased buyer activity and decreased homes available for sale (despite the fact that more homes are coming on the market) lead many real estate agents and many property speculators feel very bullish about the local market.
Marked Increases in Closed Deals, Sale Prices
The year in review for 2013 shows 26,782 completed transactions as compared to the 23,438 closed deals for 2012 making for a 14% increase sales for 2013 as compared to 2012. Likewise, average sold price increased to $310,600 up from the prior year which averaged $275,000 showing a very similar 12.9% increase. As the housing sector heals from the economic downturn short sales (although still present) are becoming less relevant as more sellers are “in the black” on their homes.
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The latest data comparing 12/31/12 to 12/31/13 shows some interesting and encouraging trends for the local housing market. While November-December showed definite signs of the market pausing the numbers still show marked improvement when last month is contrasted against the year prior. Closed transactions settled 2.1% from November to December but remain 1.3% up from December 2012. Accepted offers dropped 18.8% from November to December but again are still 7.2% higher than a year ago at that time. Pending transactions were certainly a high point for the market showing the highest number of pending December deals for the Portland real estate market since 2006. Could this be a sign of a nascent housing bubble reforming? Perhaps, but it’s also a sign that Portland (and Oregon as a whole) is one of the most popular destination for people relocating in the nation. This article by CCNmoney clearly illustrates this point.